Technical Analysis

CAD not liking the manufacturing gross sales knowledge. Strikes towards current highs.

Two huge declines in a row.

The USD could also be decrease vs the EUR, JPY and CHF, however it’s rising vs the CAD.  A pair issues are hurting the CAD as we speak

1.  The chance off commerce hurts the CAD

2.  Oil is again close to the lows

three.  The manufacturing gross sales have been abysmal at  -1.three% versus zero.four% anticipated. That decline got here on the again of a -1.7% decline in November (was  beforehand reported at -1.four%). Not a very good set of numbers there.

Two big declines in a row for Canada Manufacturing sales sends the USDCAD higher.

The USDCAD has  blue shirt with wire off the information with the index transferring again above the 1.3300 degree and trying to take a look at the Monday excessive of 1.3318 and the Friday excessive at 1.33284.

Yesterday, the pair fell to every week low at 1.3196. That low examined the 50%  retracement of the transfer up from the February 1 low.  The pair  moved again above it is 100 day MA (at 1.32218 as we speak) on the rebound.  Consumers taking extra management. Sellers masking.   

At this time, the pair stalled on the 100 hour MA earlier than the info. The manufacturing gross sales knowledge overwhelmed the weak spot from the US retail gross sales.

Nonetheless, the pair ought to discover some trigger for pause towards the current highs, with stops on a break. 

On the  day by day chart, the pair is testing a topside development line (see chart under).  On a break to new month highs, the 50% of the transfer down from the 2018 and December excessive at 1.36637 at 1.33658 might be focused by the patrons.  

USDCAD on the daily chart tests a trend line.

ForexLive


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